According to Stratistics MRC, the “Global Connected Logistics Market” accounted for $9.72 billion in 2016 and is expected to reach $54.80 billion by 2022 growing at a CAGR of 33.4% from 2016 to 2022. The connected logistics market is expected to boost the operational efficiency of various logistics applications such as warehouse management, inventory management, fleet management, tracking and monitoring and telematics connectivity. Factors such as rising demand for the effective management of temperature-sensitive products, growing affordability of components such as sensors and RFID devices, growing need for operational efficiency are favouring the growth of the connected logistics market. Moreover, the emergence of IoT connecting devices, innovations in mobile technology and increasing government initiatives are fuelling the market. Lack of standardized regulations in organizational bodies is hampering the connected logistics market.
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Connected logistics is a set of platforms or software and hardware that helps gain real-time information regarding the goods that are shipped through various modes of transportation, including roadways, railways, airways, and seaways. It shares relevant data and logistical information with all supply chain partners to smoothen the transportation process. These solutions help companies in improving operational efficiency, real-time access, and enhance productivity by integrating multiple connected platforms. It assists in cargo trace management & routing, and supply chain security management. It also helps in risk resilience planning, tracking each fleet vehicle’s location and performance optimization. Connected logistics provides various benefits to logistics businesses offering services for varied industry verticals by providing better operational efficiency, and improved productivity through the incorporation of multiple connected platforms. Connected logistics service providers have introduced inventive products and solutions to enable ease of access and high level of interoperability to achieve high productivity and informed decision making through collective efforts.
Opportunity: The growing adoption of IoT-enabled connected devices would provide ample opportunities for market growth.
The increasing cost of fuels and related environmental issues such as carbon emission and pollution are encouraging the shift from traditional transportation methods towards IoT- enabled connected logistics solutions. They leverage sensors, cloud technology, and IoT connectivity to remotely manage, monitor, and control the supply chain operations. The adoption of IoT has improved the efficiency of the supply chain platform for the logistics and transportation industry. It provides complete visibility and faster detection of network issues that helps in effective and timely decision-making. Also, improved supply chain visibility leads to long-term cost savings. Thus, the demand for IoT-enabled solutions is expanding across various industrial verticals, including manufacturing, transportation, and automotive thus create opportunities for the growth of the market.
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Driver: The growing application in warehouse internet of things is driving the market growth.
The growing integration of ICT and IoT has provided the transportation and logistics industry, a new opportunity to automate equipment & infrastructure for improving operational efficiency. The influence of IoT has changed the trend of the logistics industry by impacting warehousing operations, freight transportation, and timely-delivery. The prime shift has taken place in the logistics and transportation operation transparency. The logistics system has become transparent and hence customers have total visibility to track shipment details in real-time, forcing logistics companies to maintain the high quality of goods and shipping conditions during the supply chain.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period due to presence of few rising countries and organizations in the region are experiencing an increase in customers and focus on organized logistics to cut cost and time. Moreover, the rising adoption of outsourced logistics services is anticipated to support the revenue growth of the market in the region over the forecast period. Rising urbanization, constant economic conditions, and growing import and export trade activities are generating demand for connected logistic services is another factor anticipated to drive the growth of the target market shortly. Rising disposable income and changing way of life are among other factors projected to fuel the growth of the target market in the region.
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Although there are many international players, some of the key players profiled in global connected logistics market include Accenture, Amazon Web Services, AT&T, Inc., Cisco Systems, Inc., Cloud Logistics, Eurotech S.P.A., Freightgate Inc., HCL Technologies Limited, Huawei Technologies, IBM Corporation, Infosys Limited, Intel Corporation, Microsoft, Oracle, Orbcomm Inc., Qualcomm, Samsung Electronics, SAP SE, Siemens and Tata Consultancy Services (TCS).
Intel Corporation: In January 2017, Intel partnered with Honeywell to develop an IoT-based retail industry solution; this collaboration would majorly focus on enhancing supply chain efficiency and increasing profitability by improving product visibility. The newly designed solution will be in-built with tracking, monitoring, and security access to moving goods. Hence, the challenge is to ensure better inventory accuracy and enhance customer services.
HCL Technologies Limited: In October 2016, HCL Technologies Limited announced the acquisition of Butler which is a provider of engineering and design services to the U.S. aerospace and defense customers. The acquisition would help HCL to strengthen its position in the aerospace and defence engineering services space.
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